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Philex Mining (PSE: PX) is eyeing investment in a Benguet Mining Company

Philex Mining recently sign a Term sheet with Macawiwili Gold Mining and Development Co., Inc. (“MGMDCI) as PX sets its goal of expanding its current mining coverage.

Macawiwili Gold Mining and Development Co., Inc. is a 90-year old company engaged in mineral exploration and production in Itogon, Benguet.

Macawiwili has more than 800 hectares of contract area under its mineral production sharing agreement (MPSA). Macawiwili has exploration projects in various mineral deposits such as gold and copper.

The Term Sheet outlines the parties’ clear intentions to explore commercial, financial, and technical avenues in preparation for possible shares acquisition by the Company in MGMDCI. Activities to kick off this partnership will include conduct of due diligence and scout drilling activities on the property of MGMDCI covered by Mineral Production Sharing Agreement (MPSA) in Itogon, Benguet Province., located adjacent to the existing Padcal Mine of the Company.

Signing the Term Sheet on behalf of the Company were Manuel V. Pangilinan, Chairman, and Eulalio B. Austin Jr., President and CEO; while representing the shareholders of MGMDCI were Michael G. Escaler, Jose Ma. S. Lopez, and Felicisimo A. Feria. The signing was also witnessed by directors and officers of the Company as well as counsel for both parties.

According to Eulalio B. Austin, Jr., President and CEO,
“Our interest to pursue investments in the Macawiwili property” “is part of our business direction for this year to broaden interest in ‘green metals’ through mergers and acquisitions.”

“We need to hit the ground with this at the soonest possible time,” Austin adds, “considering that this property is adjacent to our Padcal mine and would go a long way in fulfilling company plans for expansion and extension of the life-of-mine of Padcal.”

“This is a good addition or extension to the Padcal Mine,” according to Manuel V. Pangilinan, Philex Chairman. “I hope that this is the start of something good and that it would ride the wave of higher metal prices in gold and copper.”

Pangilinan emphasized that “any addition, expansion, or extension to the Padcal Mine would greatly benefit not just our employees and their families, but also our host and neighboring communities, and our nation as a whole.”

Share price of Philex mining is currently trading at 3.25pesos/share as of the time of this writing.

Source: PSE Edge (https://edge.pse.com.ph/openDiscViewer.do?edge_no=73336067e3308bf09e4dc6f6c9b65995)

Philippine Stocks on a Bull Run? PSE Up by +1.35%

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The PSE market continued its Bullish movement for the third day, moving by as much as 5% consecutively. The index did reach more than 2% today but profit taking took place before the pre-closing period of the market. All major indices are moving up with the Banks sector leading the group movements.

It seems the market is pricing the lower than expected inflation rate in the US as announced from the past few days. US inflation is at 6.5% last December.

The Philippines forecast inflation for year 2023 is 5-5.2% which indicates that likely the inflation have peaked last December.

Philippine exchange rate for the day is also going strong after US dollar weakens to 54.53php/dollar.

The index closed at 7,045.48 level and still with a net foreign buying of +1.08 Billion pesos marking the start of the BULL RUN of Philippine equity index since its low of 5,700 level since October of last year.

For the blue chip stocks SM (4.30%), BDO(+5.46%) and AC (+3.92%) led the winners while losers’ were led by CNVRG (-7.92%) and WLCON (-4.98%). CNVRG was gaining prior pre-close but pulled down due to profit taking.

Finance dominated the market with 2.80% gain together with Holding at +2.43%.

GAINERS

BDO 5.46%
SM 4.30%
AC 3.92%
GTCAP 3.66%
AGI 3.47%
AP 3.42%
MONDE 3.18%
SMC 2.87%
BPI 2.18%
ALI 1.94%
LTG 1.53%
MPI 1.52%
TEL 1.42%
JFC 1.22%
ICT 0.96%

LOSERS

CNVRG -7.92%
WLCON -4.98%
SCC -3.59%
URC -3.47%
JGS -2.48%
AEV -1.09%
MEG -0.92%
ACEN -0.84%
MBT -0.76%
SMPH -0.53%
RLC -0.27%

In ASIAN market majority are in upward movement as well, reflecting the good sentiment from US and Europe markets yesterday. Dow jones was up by 0.33%, Nasdaq 0.71% and S&P500 by 0.40%

US and ASIAN Indices Performance:

Symbol	Name	Last Price	Change	% Change
^GSPC	S&P 500	3,999.09	15.92	0.40%
^DJI	Dow 30	34,302.61	112.61	0.33%
^IXIC	Nasdaq	11,079.16	78.06	0.71%
^NYA	NYSE COMPOSITE (DJ)	15,918.37	58.87	0.37%
^XAX	NYSE AMEX COMPOSITE INDEX	4,275.54	62.12	1.47%
^BUK100P	Cboe UK 100	785.42	4.21	0.54%
^RUT	Russell 2000	1,887.03	10.97	0.58%
^VIX	CBOE Volatility Index	18.35	-0.48	-2.55%
^FTSE	FTSE 100	7,844.07	50.03	0.64%
^GDAXI	DAX PERFORMANCE-INDEX	15,086.52	28.22	0.19%
^FCHI	CAC 40	7,023.50	47.82	0.69%
^STOXX50E	ESTX 50 PR.EUR	4,150.80	24.12	0.58%
^N100	Euronext 100 Index	1,326.90	8.37	0.63%
^BFX	BEL 20	3,940.32	21.74	0.55%
IMOEX.ME	MOEX Russia Index	2,222.51	-4.14	-0.19%
^N225	Nikkei 225	25,817.65	-301.87	-1.16%
^HSI	HANG SENG INDEX	21,896.62	157.96	0.73%
000001.SS	SSE Composite Index	3,241.35	46.04	1.44%
399001.SZ	Shenzhen Index	11,847.21	244.91	2.11%
^STI	STI Index	3,287.56	-6.19	-0.19%
^AXJO	S&P/ASX 200	7,383.00	54.9	0.75%
^AORD	ALL ORDINARIES	7,598.50	58.4	0.77%
^BSESN	S&P BSE SENSEX	60,366.58	105.4	0.17%
^JKSE	Jakarta Composite Index	6,652.49	10.66	0.16%
^KLSE	FTSE Bursa Malaysia KLCI	1,489.92	-5.11	-0.34%
^NZ50	S&P/NZX 50 INDEX GROSS	11,811.24	56.8	0.48%
^KS11	KOSPI Composite Index	2,404.41	18.32	0.77%
^TWII	TSEC weighted index	14,910.28	86.15	0.58%

Source: Yahoo Finance.

Philex Mining (PSE: PX) is eyeing investment in a Benguet Mining Company

Philippine Stocks on a Bull Run? PSE Up by +1.35%

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